Microgen PLC Notice of Results and Business Update (9974U)

TIDMMCGN

RNS Number : 9974U

Microgen PLC

25 January 2017

microgen

www.microgen.com

25 January 2017

BUSINESS UPDATE & NOTICE OF RESULTS

Microgen plc ('Microgen' or 'the Group') anticipates issuing its preliminary results for the year ended 31 December 2016 on 8 March 2017.

The Group made excellent progress in the second half of 2016 in line with its declared strategy. The highlight for the Group was the continued progress of the Aptitude Software business which entered into ten contracts in 2016 with new clients located across Europe, North America and Asia (new market) resulting in an increase during the year of approximately 40% in Aptitude Software's year end on-going recurring revenue base.

The Microgen Financial Systems business continued to develop its focus on the Trust & Fund Administration ("T&FA") market in 2016 with the integration of the May 2016 acquisition of Infoscreen progressing in line with expectations. As a result of both organic growth and the benefit from the recent add-on acquisitions, T&FA revenues in 2016 represent in excess of 50% of Microgen Financial Systems' revenues.

At 31 December 2016, the Group had gross cash of GBP23.8 million (2015: GBP18.6 million) and net funds of GBP13.6 million (2015: GBP5.4 million) following net corporate cash outflows of GBP1.5 million in 2016 (dividends of GBP2.5 million, GBP1.4 million net acquisition costs and GBP2.4 million property proceeds).

Contacts

   Ivan Martin, Chairman                                                   020-7496-8100 

Philip Wood, Chief Financial Officer

   Darius Alexander, FTI Consulting                                    020-3727-1063 

This information is provided by RNS

The company news service from the London Stock Exchange

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January 25, 2017 02:00 ET (07:00 GMT)